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Let me just lay it out simply at the start – bootstrap mentality can be absolutely exhausting.
“This would be sooo much easier if I were FILTHY rich.”
This phrase has run through my mind on more than one occasion – I’m not going to lie. A few weeks ago, I wrote about the challenge of knowing how much inventory to order and not falling into a trap. As I approach the step of putting in my first inventory order, I’m running the associated cashflow spreadsheets. I’m trying to plan the injections of money I’ll need and when I need them. When I look at some of the figures, I think, ok…so the process of scaling is going to require some money. Hmmm, where am I going to get this money? It’s not going to stop me starting, but the injection is definitely going to be required to make this a viable business. Where is that money going to come from? What’s my plan?
If I was a rich girl…
I think these decisions would be so much easier, if I just had a really rich Uncle or my Mum was an Oil Baroness. I would get to take all the risks and not worry so much about the waste or the mistakes. However, I know deep down inside that there are actually blessings to be found with this ‘bootstrap’ mentality. I’m essentially betting on myself with my own money. I’m having to think really carefully about the risks I’m willing to take.
The decisions of how many variants to launch with and how to prove the concept is a success, have been affected by my ability to fund the business. I think the conclusions I’ve come to are the right ones. I think they are smart ones. If I hadn’t had the financial constraints that I have, I wouldn’t have been pushed to think really critically, carefully and creatively. This bootstrapping mentality I’ve had to employ now will make this a better business in the long term. I’m quite sure of it.
Minimal Viable Product Range
In the startup world there’s a lot of talk of MVP (minimal viable product). It tends to be associated with tech startups, but I think the concept is still relevant for Mummy’s Muse.
For Mummy’s Muse the first ‘drop’ is going to be a Minimal Viable Product Range. What range can I release that will show enough of the brand and what we’re trying to do? We need to avoid too many variants so we don’t fall into the inventory trap. I know I will learn things from the first range and then I can make improvements and iterate. The requirement to bootstrap this business has forced me into this type of thinking. I often think how has it taken me so long to get to this point? Joy in the journey eh?
Bootstrap Blessings are real
I’m starting to learn about the world of financing and funding, though I know I’m not there yet (have you seen a single Mummy’s Muse product in real life, because I haven’t? Haha), I need to start thinking of what’s coming next. I’ve come to appreciate that if I had access to tonnes of money, this journey would have looked different. However, I can’t say it would have been more successful.
Looking for a Visual Identity
Over the past two weeks or so I’ve been trying to find a designer to work with to develop the brand’s visual identity. What is a Visual Identity? To me, a visual identity is the combination of colours, images and shapes that make up a brand. As you can probably tell if you’ve been following …
Why I Exercise
Happy 2020. It’s a coincidence that my first post of the year is about exercise. However, I promise I’m not on any crazy diets/dry January/attempting Veganuary. I actually just ate a slice of red velvet cake in bed as it was my friend’s 30th birthday last night. Saying that I went to the gym at …
Writing Consistently Is Hard
I could write a whole series about doing ‘x’ consistently is hard – especially when it comes to this business. Writing is definitely one of the top 3. I write because I want to document this process and honestly so I can look back one day and remember how I felt as I was starting. …